This file photo shows a wedding dress shop in Seoul on Dec. 11, 2023. (Image courtesy of Yonhap)
SEOUL, Dec. 16 (Korea Bizwire) – One in five newlywed couples in South Korea earned more than 100 million won annually last year, with the proportion reaching over 30% in Seoul, according to new government data.
Statistics Korea’s “2023 Newlywed Couples Statistics” released on December 15 showed that the total number of newlywed couples, including remarriages, decreased by 5.6% to 974,452 pairs in 2023, marking the first time the figure has fallen below one million since record-keeping began in 2015.
Despite the decline in marriages, average household income among newlyweds increased by 7.2% to 68.34 million won compared to the previous year. Seoul led regional rankings with an average of 87.1 million won, followed by Sejong (74.12 million won) and Ulsan (72.3 million won). In contrast, Jeju recorded the lowest average at 50.19 million won, followed by North Jeolla (54.96 million won) and South Jeolla (56.96 million won) provinces.
Breaking down the income distribution, 20.9% of couples earned between 70 and 100 million won, while 18.9% earned over 100 million won annually. Middle-income couples earning between 30-70 million won represented 38.1% of newlyweds, while those earning under 30 million won made up 22.1%. In Seoul, the proportion of high-earning couples surpassed 30% for the first time, reaching 31.4%.
The survey also revealed that the median debt balance among newlyweds increased by 4.3% to 158.67 million won. Seoul couples carried the highest median debt at 190 million won, followed by Daegu (181.5 million won), Incheon (180 million won), and Gyeonggi Province (175.03 million won).
M. H. Lee (mhlee@koreabizwire.com)
